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Westpac Flexi First Option Home Loan

Flexi First Option Home Loan is Westpac's basic home loan with a lower interest rate than our other home loans. You can add on and pay for features as you use them.

Limited time special offer - new home loans 

  • 4.39% p.a. (Comparison Rate 4.4% p.a.) 0.64% p.a. discount off the Flexi First Option Home Loan variable interest rate
  • No establishment fee - saving you $600


The Basics 

  • A basic home loan with a lower interest rate
  • No loan maintenance fees
  • Features you can add and pay for as required
  • Extra repayments allowed at any time (no fee applies).This will reduce the interest you pay.


Great flexible features 

  • Make extra payments and take a repayment holiday - If you’ve made extra repayments, you can take a break from making repayments
  • Increase your home loan - Apply to access more funds using our "top up / loan increase" facility (fees apply)
  • Interest only option available - Choose to pay principal and interest or interest only. Interest only available for up to 5 years to keep your repayments to a minimum.


Easy access to any extra repayments you’ve made with a handy redraw facility 

  • When you set up a redraw facility you’ll be able to get same-day access to any extra repayments you’ve made to your home loan.  
  • If you already have a Flexi First Option Home Loan you can set up a redraw facility by filling out the Redraw Authority form $25 each 

Increase your home loan 

  • You can apply to increase your home loan using our top up / loan increase feature. This lets you extend the credit limit on your existing loan. $350 per top up / loan increase

Let your home loan move with you to your new home 

  • If you’re moving house you can avoid the establishment and other fees of setting up a new loan by taking your current home loan with you and keeping the same account number (security criteria apply). That’s real portability.  $350 per move 

You can take a repayment holiday when you’ve made extra repayments 

  • If you’ve made extra repayments, you can take a partial or full break from making repayments (conditions apply). 

Fee free 

If you’re having a child you can apply to reduce your repayments by up to 50% for up to 6 months 

  • Flexi First Option Home Loan’s parental leave feature means you could reduce your repayments by up to 50% for up to 6 months while you are on maternity/paternity leave. This feature is available after you’ve had your loan for 18 months. $95 to activate 

Reduce your repayments by up to 50% for up to 6 months 

  • There are a number of reasons why you might want to reduce your repayments at some stage. You might be taking an extended holiday, taking a career break or planning major renovations. 
  • This feature is available after you’ve had the loan for 12 months and is available twice during the life of the loan. Reduced repayments are subject to repayment history criteria and other conditions. At the end of the reduced repayment period your repayments will be adjusted so the loan is repaid within its approved term. $95 to activate 

When building a home you can make progress draws on your loan to pay builders and other contractors 

  • Being able to progressively draw down funds means you’re able to minimise interest costs, by only accessing funds when you need them (drawings must be completed within 12 months). $95 per draw
Loan Details
Product Details -
Min. Loan Amount $25,000
Max. Loan Amount $20,000
Max. Loan Term 30 years
Standard Rates
Interest Rate Type Variable
Min. Current Rate 4.39% p.a.
Comparison Rate 4.40% p.a.
Fixed Interest Option No
Fixed Term -
Loan Features
Repayment Type Principal & Interest, Interest Only
Max. Insured LVR 97%
Max. LVR 80%
Loan Redraw Facility Yes
Mortgage 100% Offset No
Mortgage Offset Account No
Split Loan facility Yes
Loan Portable Yes
Repayment Option Weekly, Fortnightly or Monthly
Available as Equity Loan/Line of Credit No
Application Fee $600
Annual Service Fee $0
Exit Fee $350
Legal Fee $0
Settlement Fee $0
Valuation Fee $0

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What happens when I click "Go to site"?

  • 1

    Clicking Go to site will direct you to the providers web site

  • 2

    Complete the online application on the providers web site

  • 3

    Once approved the provider will issue your new product, delivery times will vary by provider.